It Is Possible to Improve Your Company’s Customer Retention Rate
Attracting new customers to your business is challenging, in any market. Whether you are a marketer attracting new business for your clients, or a business owner looking to attract new customers to your company, it can be a challenge. Many times, business owners are so busy concentrating on getting new customers, that they forget to work on retaining the ones they already have.
This is where effective customer retention comes in. You can use the same customers time and again, and save your business the time and money associated with attracting new ones. So how can you boost your company’s customer retention rate? Let’s take a look at a few effective strategies.
#1 Show Loyalty to Your Current Customers to Boost Customer Retention
When your current customers are buying from you, consider having some incentive programme such as a loyalty programme. It’s a nice gesture that shows your customers how appreciative you are of their business, and how much you value them.
Historically, businesses offering some version of a loyalty programme achieves higher customer retention rates than companies who don’t. If you can’t offer a continuous loyalty programme, why not think about offering something like exclusive offers or savings for returning customers instead?
#2 Employ Social Media Platforms in Your Quest for Better Customer Retention
Technology continues to revolutionise the way companies are doing business. Use it to your advantage, and communicate effectively with your customers. When used tactfully, you can stay connected and interactive with your customers, staying at the forefront of their minds, and spurring them on to buy your product the next time they need a product in your category.
#3 Communicate Efficiently with Your Customers
When communicating with your customers, make sure your communications doesn’t sound like spam. Every piece of information you send out needs to be valuable, and add value to your clients’ lives. This can help them to come back to your business and choose your product over a competitor’s, but only if they feel positive towards your business and brand.
These are only a few examples of how good customer retention can be achieved. Enjoy the fruits of a loyal customer base, and take care of it to grow it, and to maximise the return on investment in attracting new customers to your business.
WHAT'S ON SCHEDULED?
YOUTH Motor Industry Entrepreneurship WORKSHOP
9:00 – 09:30 - Registrations
9:30 – 9:45 Welcome Address –CEO/FOUNDER KiYK
09:45 – 10:00 Start or Expand Your Business within the MOTOR INDUSTRY – MIWA REP
*March 01 at 09:00 am